Overcoming Inflation A Primary Focus For Colorado Small Businesses: 'Where There's A Will, There's A Way'
DENVER (CBS4) – Inflation is not only hurting your pocketbook, but it's also tough on small businesses in Colorado. Small construction companies are among the hardest hit right now because of rising costs of material, fuel and labor.
On the brink of their busiest time of year, the Denver-based family construction company BRL Group is finding it hard to make ends meet.
"We're entering summer, so it's getting super busy right now," said Lilliana Luna, owner of BRL Group. "We used to pay about $1,000 in gas every single day for trucks to just go to the field. No we pay $2,300."
Costs have doubled for just about everything, Luna told CBS4's Kelly Werthmann. Her family business is now working overtime to overcome the impacts of inflation. She said employee retention issues only add to the problem.
"Just like it's difficult for us to meet our ends, it's difficult for employees to meet their ends," she explained. "So, they're asking for a raise."
Inflation and its impacts are top of mind for small business financing firm Kapitus.
"It's something we think about every day," said Ben Johnston, Chief Operating Officer of Kapitus.
Even with the many difficulties business owners are facing right now, Johnston told CBS4 he's "optimistic."
"It's a bit of a perfect storm, but despite all the headwinds in the economy right now and inflation, we continue to be very bullish for small business in 2022," he said. "Businesses today are looking to do more with less…and the U.S. consumer is strong…and we expect small businesses to benefit from that."
Johnston also knows there are challenges ahead. He said that includes the Fed likely increasing interest rates several times this year. His advice: take advantage of all financial support options.
"While most government support has dried up after the PPP money was exhausted," he explained, "many businesses are still eligible for retention tax credits from the IRS. That could be a welcome boost to your bottom line in a challenging time.
And that provides a glimpse of hope for small family businesses like Luna's, which hopes to stay open for another 28 years.
"Where there's a will, there's a way," she said.
LINKS: Kapitus Business Loan Financing | Small Business Administration In Denver